AFC Health logo CollectedThe development comes after its foreign partner Fortis Healthcare requested the securities regulator for cancellation of the IPOThe Bangladesh Securities and Exchange Commission (BSEC) on Wednesday suspended the initial public offering (IPO) of AFC Health until further notice forfurnishing misleading information in its prospectus. The development comes after its foreign partner Fortis Healthcare requested the securities regulator for cancellation of the IPO as AFC Health provided false information and misused the leading Indian healthcare provider’s trade name without consent to secure approval for the listing. In its IPO prospectus, AFC Health had said that Fortis would provide operation and management services for all of the cardiac centres as per an agreement signed on February 4, 2015, in New Delhi between the two companies. “We ask that the commission should take appropriate action against AFC Health for making false, incorrect and misleading statements in a document inviting funds and investments from the general public,” the letter added. Subsequently, the BSEC has put the IPO on hold until further notice.

Source: Dhaka Tribune November 25, 2020 18:11 UTC